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Chilean FinMin Soothes FX Rate, Pledging Policy Action

LATAM
  • Mexico's Core CPI data came in soft against expectations for June, but still marked an uptick from the May figure – putting headline inflation at the highest levels since 2001.
  • Banxico minutes are due later today at 9am local time (1500BST/1000ET) – and are expected to shed more light on the decision to raise rates by 75bps in June.
  • Central fuel pricing in Chile rises as of today, with CLP 17 added per litre. The impact of FX could worsen these price rises going forward, according to a statement from the finance ministry, who warned that fuel will get more expensive due to recent CLP weakness. The ministry added that without the government’s Mepco fuel stabilization fund, prices would be higher still.
  • Following yesterday’s sharp copper-driven fall in CLP prices, the finance minister Marcel intervened to state that the government is monitoring the situation and will define support measure for currency going forward. More measures are set to be announced next week.
  • Focus turns to the Peruvian rate decision due overnight, at which the bank are seen raising rates by 50bps to 6.00%. This would put rates at their highest level since 2009 and would mark the 12th consecutive rate rise off the lows in 2021 of 0.25%.
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